SHB Lao bank opens headquarters in Vientiane
SHB Lao bank opens headquarters in Vientiane
Saigon - Hanoi Bank Lao Li m ited (SHB Lao), a newly-opened bank, is set to provide financial services to Lao, Vietnamese and other individual enterprises operating businesses in Laos alongside the rapid growth of the Lao economy in the years to come.
In his opening speech, SHB's CEO Mr Nguyen Van Le said “SHB is one of the first two commercial banks of Vietnam to be given an approval to establish the bank in Laos. SHB Lao is established with a registered capital of US$50 million.”
He went on to say that the opening of SHB Lao is a long-time plan to expand its banking networks at the regional and international levels.
“We are also looking at the potential of markets in Laos, along with creating employment for local labourers and contributing to the bil ateral economic cooperation ties between the two countries,” Mr Le said.
According to the plan of SHB Lao, it is also expected to open at least 15 service units and five branches and to develop human resources up to 300 bank personnel with high levels of education within the first five years of business operation in Laos.
Mr Le, who is also Chairman of the Board of Directors for SHB Lao, added that as part of the five year plan, the bank is set to earn a total of US$9.15 million after deductions for taxation.
At the ceremony, BOL Governor Dr Somphao Phaysith said the establishment of SHB Lao will continue to support the growth of socio-economic development in Laos.
“This bank will be a bridge for trade and investment between the two countries and attract more investors from Vietnam to invest in Laos,” he said.
Saigon - Hanoi Bank Lao Limited (SHB Lao) is located on Lanexang Avenue in Hatsady Tai village, Chanthabouly district, Vientiane.
The bank has been upgraded from a branch in Pakxe district, which is still operating under SHB Lao in Champassak province.
The official inauguration ceremony also saw senior officials from Laos and Vietnam witness the event.
There are currently about 40 banks in Laos including public and privately-owned banks owned by the Lao government and domestic and foreign investors.
